WTI retreats from a three-month high and holds above $79 per barrel, eyes on US data

high and consolidates its recent gains following the decreasing US crude oil stockpiles and the outcome of the Federal Reserve meeting.

Apart from the data, the Federal Open Market Committee hiked its interest rate by 25 basis points to a target range of 5.25%–5.5%. Fed Chairmanstated following the rate decision that the FOMC will assess the totality of incoming data, along with its implications for economic activity and inflation. He added that it's possible to raise the Fed funds rate again at the September meeting if the data warrants it.

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